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 & (1) & (2) & (3) & (4) & (5) \\
VARIABLES & inv\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & inv\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & inv\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & inv\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & inv\_mu\_TL\_sFSQ\_t1\_pos\_w\_h \\ \hline
 &  &  &  &  &  \\
hhi & -1.203*** & -1.208*** & -0.266 & -0.286 & -0.168 \\
 & (0.219) & (0.219) & (0.207) & (0.206) & (0.162) \\
Constant & 1.253*** & 1.253*** & 1.145*** & 1.121*** & 1.134*** \\
 & (0.0593) & (0.0593) & (0.0241) & (0.0221) & (0.0248) \\
 &  &  &  &  &  \\
Observations & 6,875 & 6,875 & 6,875 & 6,875 & 6,875 \\
R-squared & 0.046 & 0.046 & 0.933 & 0.933 & 0.798 \\
Sector FE & No & No & Yes & Yes & No \\
Year FE & No & Yes & No & Yes & No \\
Cluster & Sector Year & Sector Year & Sector Year & Sector Year & Sector Year \\
Sample & Pos & Pos & Pos & Pos & Pos \\
RHS & Max & Max & Max & Max & Max \\
Drop 94 & Yes & Yes & Yes & Yes & Yes \\
 Sector 2D*year &  &  &  &  & Yes \\ \hline
\multicolumn{6}{c}{ Robust standard errors in parentheses} \\
\multicolumn{6}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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